FULT
INVESTOR PRESENTATION
z
Data as of or for the period ended December 31, 2024 unless otherwise noted
A Growing & Well-Positioned for Franchise
Map includes counties with a f inancial center and/or a loan production of f ice ("LPO") and incorporated cities in Mary land and Virginia with a f inancial center and/or LPO.
3 to the calculation and management's reasons for using this measure on slides titled "Non-GAAP Reconciliation" at the end of this presentation. (5) Based on current quarterly common dividend of $0.18 per share and closing stock price of $21.11 per share as of January 21, 2024. (6) No shares were repurchased in the fourth quarter of 2024. Authorization expires December 31, 2025. Up to $25 million of
this authorization may be used to repurchase the Corporation's preferred stock.
Fulton is Geographically Diversified with Top Share in Key Markets
Fulton Financial Corporation (2024)
Markets by MSA (2024)
Metropolitan Statistical Area (MSA)
Market
Branches #
Total Deposits
Total Deposit
Branches
Total Deposits
Median
5 yr Cumulative
5 yr Cumulative
Rank
($000)
Market Share
#
($000)
Household
Projected Household
Projected
(%)
Income ($)
Income Growth
Population Growth
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
10
89
8,266,903
1.35
1,403
611,069,124
85,735
8.0%
1.3%
Lancaster, PA
1
20
5,022,542
29.39
151
17,089,823
81,945
10.5%
2.1%
Allentown-Bethlehem-Easton, PA-NJ
4
16
1,951,571
8.82
188
22,118,493
78,832
9.0%
2.2%
New York-Newark-Jersey City, NY-NJ
100
19
1,768,525
0.05
4,318
3,660,415,135
92,406
6.8%
0.4%
York-Hanover, PA
3
10
1,242,768
12.69
100
9,796,109
78,869
9.3%
2.3%
Baltimore-Columbia-Towson, MD
11
15
1,153,414
1.18
538
97,924,399
93,736
7.8%
1.3%
Lebanon, PA
1
6
1,088,621
35.84
32
3,037,352
78,708
12.7%
2.2%
Harrisburg-Carlisle, PA
7
8
818,218
4.24
146
19,304,433
79,115
9.2%
3.4%
Reading, PA
7
7
794,356
3.84
89
20,696,076
73,972
8.6%
1.7%
Hagerstown-Martinsburg, MD-WV
3
6
611,999
10.97
71
5,579,324
72,092
10.4%
4.5%
Top 10 Fulton Financial Corporation MSAs (1)
196
22,718,917
0.51
7,036
4,467,030,268
78,992
7.1%
0.6%
Total Franchise
235
25,761,661
0.51
5,023,593,164
78,708
6.9%
0.7%
Nationwide
73,874
10.1%
2.4%
Note: Data as of June 30, 2024 per S&P Capital IQ; FDIC Summary of Deposits.
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(1) Median Household ("HH") Income; 2024 - 2029 Projected Population Change and Projected HHIncome Change are weighted by deposits in each MSA.
A Balanced Business Model
Premier Franchise
that Provides
Expanding
and Innovative
Solutions
Robust
Combination of
Diversified
Business Lines and
Fee Income
Businesses
Dynamic Growth
Strategy Blending
an Organic Engine
with Inorganic
Opportunities
Attractive Risk-
Adjusted
Profitability and
Returns
• Room to grow in markets that we know and continue to penetrate both organically and inorganically
Source: Management reporting and internal financials at December 31, 2024.
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(1) Excludes acquisition-related adjustments. (2) AUM/AUA defined as assets under management and assets under administration. (3 ) For a list of peers please see page 32 of the
Corporation's proxy statement dated April 1, 2024. (4) Non-GAAP financial measure. Please refer to the calculation and management's reasons for using this measure on slides titled
"Non-GAAP Reconciliation" at the end of this presentation.
Robust and Scalable Product Suite
Well positioned to compete in and serve our market
• Significant technology spend over the past five years
o Focus on digital enablement as a driver of growth, efficiency and service
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We Do What Is Right
Environmental, Social & Governance ("ESG")
understanding of, and reporting on, climate-related risks and activities.
READ THE REPORT
Protecting the
Environment
Environment
The Corporation is committed to practicing environmental stewardship in its everyday operations
Operational measures like waste reduction and smart energy use, as well as financing sustainable projects are core to these efforts
Changing Lives for the Better
Employees
The Corporation is committed to creating a workforce that reflects its communities and values diversity, equity and inclusion
Customers
The Corporation has a proven track record of fair and responsible banking - rated "Outstanding" for Community Reinvestment Act performance
Community
Employees live and work in the communities we serve and want to see these communities thrive. Through the Fulton Forward® initiative, the Corporation gives back by paying it forward
Corporate
Governance
Governance
Core values and guiding behavior lead the Corporation to demonstrate the highest professional and ethical standards in all business activities
The Corporation operates under a robust board- and management-level enterprise risk management structure
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Deepens Our Commitment To Purpose, Vision, & Strategic Execution By Three Key Tenets
Simplicity in the operating model
- Realign value propositions and
coverage models by customer size and
complexity
Focus on Fulton's core relationships
- Redesign end-to-end processes with
single ownership to deliver superior
customer experience
- Simplify organizational structures
Productivity across the Bank
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Success to Date Positions Fulton Well for 2025 and Beyond
Estimated FultonFirst Financial Benefits
2025 estimated cost saves of ~$25 million
•Anticipate ~45% in 1H25; balance in 2H25
Estimated annual full realized benefit of
greater than $50 million
•Fully realized in 2026
Positioning for Growth
Implementation costs associated with FultonFirst should abate through 2025:
Anticipated earn-back period of less than 12
months
•Based on full implementation run-rate
Reinvestment towards revenue generating
initiatives evident in 2026 and later
•Reorganizing commercial segments based on customer needs and expectations
•Focus and dedicated leadership of our Business Banking segment
•Market realignment for quicker decisioning
Creating Efficiency & Operating Leverage
FultonFirst and full-year Republic Bank cost saves should drive 2025 total operating expense efficiencies
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2025 Operating Guidance
Income Statement Line Item
Expected Range
Outlook and Highlights
Non-FTE Net Interest Income(1)
$995 million - $1.020 billion
Low to mid single digit interest earning asset growth
[ FTE Adjustment for NIM calculation ]
[ ~$17 million annualized ]
Provision for Credit Losses
$60 - $80 million
Low to mid single digit loan growth and continued
credit trends
Non-Interest Income
$265 - $280 million
Steady customer activity offset by the impact of
higher rates on transactional businesses
Non-Interest Expense (Operating)(2)
$755 - $775 million
Relatively flat to 2024 due to full impact of Republic
and phasing in of FultonFirst initiatives
Non Operating Assumptions:
[ 2025 CDI expense ]
[ $22.5 million ]
[2H '25 steps down to $5.2 mm / qtr from $6.1 mm / qtr. ]
[ Non-Operating Expenses ]
[ $14 million ]
[ Estimated 2025 FultonFirst implementation expenses ]
Effective Tax Rate:
18.0% +/-
(1)NII is on a Non-fullytaxable-equivalent ("FTE") basis; Incorporates Fed Funds Rate decreases of 25 basis points inMarch and 25 basis points in June of 2025.
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(2)
Excludes non-operating expenses and Core Deposit Intangible ("CDI") Amortization.
Disclaimer
Fulton Financial Corporation published this content on January 24, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 24, 2025 at 21:57:46.559.